Sharp to Sell Full Stake in Solar Project Developer Recurrent Energy

According to two unnamed sources, additional restructuring efforts on the part of Sharp will also include a significant amount of loans backed by the company’s two primary banks, Mizuho Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. The “revival package” is earmarked at somewhere in the neighborhood of 360 billion yen. The Kyodo News agency in Japan is also reporting that restructuring efforts are likely to result in the loss of nearly 11,000 jobs by early 2014. Arno Harris, CEO of Recurrent Energy , provided a written statement emphasizing that the impending sale by Sharp should be seen as no reflection on the profitability of his company or the state of the solar industry as a whole. “With almost 700 MW of contracted projects and a 2.5 GW project pipeline, Recurrent Energy’s business is strong, profitable and growing,” Harris said. “We continue to meet and ...